2026-09-19T18:50:21Zhttps://dspace.mit.edu/server/oai/requestoai:dspace.mit.edu:1721.1/645512022-01-13T07:54:44Zcom_1721.1_7582com_1721.1_7581col_1721.1_131023
Tod McGrath.
Blank, Jason (Jason Marshall), 1971-
Massachusetts Institute of Technology. Dept. of Urban Studies and Planning.
Massachusetts Institute of Technology. Department of Urban Studies and Planning
2011-06-20T15:49:15Z
2011-06-20T15:49:15Z
2000
2000
http://hdl.handle.net/1721.1/64551
45643013
Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2000.
Includes bibliographical references (leaves 144-147).
This thesis attempts to answer, "how can investment in the equity appreciation of owner occupied real estate occur on a market-wide basis?" Using financial engineering, the author introduces a new security design to overcome the hurdles and restrictions that prevent widespread capital market investment in owner-occupied residences. Named Housing Mutual Equity Shares (HOMES), this new investment vehicle resolves housing affordability issues for potential homeowners and provides attractive risk-adjusted rates of return for investors. The reader is first given an in-depth analysis of the demand for housing space and residential finance. Second the HOMES vehicle is introduced, hypothetical returns for 1975 through 1995 are calculated, and then analyzed and adjusted for risk. Third, the author explores the economic value of the HOMES vehicle, addressing concerns of homeowners, investors, lenders, and agents. Fourth, a comparative case study juxtaposes HOMES and a similar, but failed, product from the late seventies, Shared Appreciation Mortgages (SAMs). Finally, the author identifies a few questions for further research.
by Jason Blank.
S.M.
147 p.
eng
Massachusetts Institute of Technology
M.I.T. theses are protected by
copyright. They may be viewed from this source for any purpose, but
reproduction or distribution in any format is prohibited without written
permission. See provided URL for inquiries about permission.
http://dspace.mit.edu/handle/1721.1/7582
Urban Studies and Planning.
Housing Mutual Equity Shares (HOMES) : a residential appreciation investment vehicle
HOMES
Thesis
application/pdf
Publication
unknown
unknown
<Publication xmlns="https://www.openaire.eu/cerif-profile/1.1/" id="f49f70a5-858b-402b-9adb-bfea6dd5c1a7">
<Type xmlns="https://www.openaire.eu/cerif-profile/vocab/COAR_Publication_Types">http://purl.org/coar/resource_type/c_1843</Type>
<Language>eng</Language>
<Title>Housing Mutual Equity Shares (HOMES) : a residential appreciation investment vehicle</Title>
<Subtitle>HOMES</Subtitle>
<PublishedIn>
<Publication>
</Publication>
</PublishedIn>
<PublicationDate>2000</PublicationDate>
<Authors>
<Author>
<DisplayName>Blank, Jason (Jason Marshall), 1971-</DisplayName>
<Affiliation>
<OrgUnit>
</OrgUnit>
</Affiliation>
</Author>
</Authors>
<Editors>
</Editors>
<Publishers>
<Publisher>
<DisplayName>Massachusetts Institute of Technology</DisplayName>
<OrgUnit />
</Publisher>
</Publishers>
<License>http://dspace.mit.edu/handle/1721.1/7582</License>
<Keyword>Urban Studies and Planning.</Keyword>
<Abstract>This thesis attempts to answer, "how can investment in the equity appreciation of owner occupied real estate occur on a market-wide basis?" Using financial engineering, the author introduces a new security design to overcome the hurdles and restrictions that prevent widespread capital market investment in owner-occupied residences. Named Housing Mutual Equity Shares (HOMES), this new investment vehicle resolves housing affordability issues for potential homeowners and provides attractive risk-adjusted rates of return for investors. The reader is first given an in-depth analysis of the demand for housing space and residential finance. Second the HOMES vehicle is introduced, hypothetical returns for 1975 through 1995 are calculated, and then analyzed and adjusted for risk. Third, the author explores the economic value of the HOMES vehicle, addressing concerns of homeowners, investors, lenders, and agents. Fourth, a comparative case study juxtaposes HOMES and a similar, but failed, product from the late seventies, Shared Appreciation Mortgages (SAMs). Finally, the author identifies a few questions for further research.</Abstract>
<Access xmlns="http://purl.org/coar/access_right"
>
</Access>
</Publication>